Pitney Bowes (PBI) 10-Q 2011 Q3 Quarterly report

Exhibit (12)

PITNEY BOWES INC.
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (1)

(Dollars in thousands)	Three Months Ended September 30,				Nine Months Ended September 30,
	2011		2010		2011		2010
Income from continuing operations before income taxes	$	99,845	$	142,944	$	393,195	$	406,719
Add:
Interest expense (2)		50,362		51,499		152,921		152,120
Portion of rents representative of the interest factor		10,059		9,594		29,112		29,540
Amortization of capitalized interest		429		430		1,287		1,288
Income as adjusted	$	160,695	$	204,467	$	576,515	$	589,667
Fixed charges:
Interest expense (2)	$	50,362	$	51,499	$	152,921	$	152,120
Portion of rents representative of the interest factor		10,059		9,594		29,112		29,540
Noncontrolling interests (preferred stock dividends of subsidiaries), excluding taxes		6,855		6,835		20,386		22,210
Total fixed charges	$	67,276	$	67,928	$	202,419	$	203,870
Ratio of earnings to fixed charges		2.39		3.01		2.85		2.89

(1)	The computation of the ratio of earnings to fixed charges has been computed by dividing income from continuing operations before income taxes as adjusted by fixed charges. Included in fixed charges is one-third of rental expense as the representative portion of interest.
(2)	Interest expense includes both financing interest expense and other interest expense.

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